T Immobilien (TEG) AI Stock Analysis

• Market Cap: €2.41B
• Dividend Yield: 3.08%
• Average Volume (3M): 374.68K
• Price to Earnings (P/E): 25.6
• Beta (1Y): 0.49
• Revenue Growth: -32.32%
• EPS Growth: N/A
• Country: DE
• Employees: 1,440
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): -1.10
• Shares Outstanding: 189,034,940
• 10 Day Avg. Volume: 369,461
• 30 Day Avg. Volume: 374,682
• PEG Ratio: -0.96
• Price to Book (P/B): 0.73
• Price to Sales (P/S): 2.45
• P/FCF Ratio: 11.08
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €18.16
• Price Target Upside: 36.13% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 1.02
• Revenue Forecast (FY): €420.41M

• Rating: 56 Neutral
• Price Target: €13.50 ▲(1.20% Upside)
• Action: Reiterated Date: 03/20/26
• Date: Action: Reiterated 03/20/26

The score is supported most by solid and consistent cash generation and a profitability recovery, but is held back by meaningful leverage and high earnings volatility. Technical indicators are notably weak (below key moving averages with negative MACD), and valuation is only fair given the higher P/E despite a ~3% dividend yield.

Positive Factors

Consistent positive free cash flow

T Immobilien generates consistently positive operating and free cash flow with a marked step-up in 2025. Durable cash generation supports reinvestment, debt servicing and dividends, and reduces reliance on external funding, improving resilience across real-estate cycles.

High cash conversion to earnings

Free cash flow tracking close to net income (0.92–0.98) indicates earnings translate into real cash. This cash conversion reduces operational earnings risk, supports consistent capital allocation, and makes reported profits more reliable for medium-term planning.

Profitability recovery and margin improvement

After a severe 2023 loss the company returned to positive net income in 2024–2025 with improving gross margins. A sustained recovery in operating profitability strengthens cash flow prospects, supports return on capital, and signals operational adjustments may be taking hold.

Negative Factors

Meaningful leverage on balance sheet

T Immobilien carries material leverage (debt/equity ~1.0–1.33) with rising total debt into 2025. Elevated leverage limits financial flexibility, raises interest and refinancing exposure, and increases vulnerability to rate rises or revenue shocks common in real-estate markets.

Earnings and revenue volatility

Revenue and earnings have swung materially year-to-year, including a deep 2023 loss. Such volatility hampers forecasting, complicates capital allocation, and raises execution risk: sustained investor returns depend on stabilizing top-line and margin consistency over multiple periods.

Modest returns and sensitivity to valuation swings

Even with equity growth, ROE remains modest and was negative in 2023, reflecting sensitivity to earnings swings typical for real-estate-linked firms. Persistently modest returns constrain long-term shareholder value unless profitability and asset efficiency improve.

T Immobilien Business Overview & Revenue Model

Company Description

TAG Immobilien AG, a real estate company, acquires, develops, and manages residential real estate properties in Germany. The company also rents commercial real estate properties, as well as operates serviced apartments. As of December 31, 2021, it managed approximately 87,600 residential units. The company was formerly known as TAG Tegernsee Immobilien-und Beteiligungs-Aktiengesellschaft and changed its name to TAG Immobilien AG in September 2008. TAG Immobilien AG was founded in 1882 and is headquartered in Hamburg, Germany.

How the Company Makes Money

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T Immobilien Financial Statement Overview

Summary

Cash flow is a clear strength with consistently positive operating and free cash flow and a strong step-up in 2025; however, profitability has been volatile (notably the 2023 loss and large swings in margins) and the balance sheet carries meaningful leverage with rising total debt, keeping overall financial quality moderate.

Income Statement

Revenue has been volatile—strong growth in 2022–2023, a pullback in 2024, then a return to growth in 2025. Profitability rebounded sharply after a deep loss in 2023, with 2024–2025 back to positive net income and improving gross margin; however, earnings quality looks uneven given the large year-to-year swings in operating results and margins.

Balance Sheet

The balance sheet is asset-heavy with meaningful leverage: debt-to-equity runs around ~1.0–1.33 over the period, and total debt has risen into 2025. Equity has grown, but returns on equity are modest in the latest year and were negative in 2023, highlighting sensitivity to valuation/earnings swings typical for real-estate-linked businesses.

Cash Flow

Cash generation is a relative strength: operating cash flow and free cash flow are consistently positive across all years shown, with a strong step-up in 2025 free cash flow. Free cash flow is broadly in line with reported earnings (free cash flow to net income stays near ~0.92–0.98), though cash flow as a share of revenue is not particularly high and varies materially year to year.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	973.90M	1.08B	1.33B	954.90M	612.07M
Gross Profit	419.10M	405.67M	395.64M	347.73M	314.40M
EBITDA	545.20M	199.04M	-419.81M	213.00M	780.37M
Net Income	93.38M	121.12M	-396.92M	113.09M	570.46M
Balance Sheet
Total Assets	9.05B	7.75B	7.30B	8.21B	7.09B
Cash, Cash Equivalents and Short-Term Investments	1.20B	603.46M	128.60M	240.49M	96.45M
Total Debt	4.33B	3.76B	3.32B	3.82B	3.09B
Total Liabilities	5.72B	4.65B	4.34B	4.91B	3.96B
Stockholders Equity	3.26B	3.02B	2.89B	3.20B	3.04B
Cash Flow
Free Cash Flow	215.49M	130.49M	284.78M	124.92M	152.35M
Operating Cash Flow	231.10M	142.03M	291.94M	133.56M	164.03M
Investing Cash Flow	-368.56M	-83.99M	117.89M	-561.23M	-272.22M
Financing Cash Flow	732.21M	414.08M	-529.40M	573.51M	-119.30M

T Immobilien Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 13.34
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:TEG, the sentiment is Negative. The current price of 13.34 is below the 20-day moving average (MA) of 14.89, below the 50-day MA of 14.78, and below the 200-day MA of 14.53, indicating a bearish trend. The MACD of -0.55 indicates Positive momentum. The RSI at 31.04 is Neutral, neither overbought nor oversold. The STOCH value of 14.37 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:TEG.

T Immobilien Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DEQ	72 Outperform	€1.48B	14.94	7.34%	28.14%	-6.87%	―
GYC	70 Outperform	€1.52B	3.69	11.82%	―	0.44%	―
PAT	69 Neutral	€594.04M	45.83	―	4.33%	0.23%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
LEG	63 Neutral	€4.18B	3.20	18.02%	4.45%	6.91%	―
AT1	58 Neutral	€2.51B	4.09	7.69%	―	-1.35%	―
TEG	56 Neutral	€2.41B	25.57	12.35%	3.08%	-32.32%	―